What is the minimum age limit to open a Fixed Rate Cash ISA?
18 years old.
Is there a minimum limit?
The minimum amount you can invest in a Fixed Rate Cash ISA is £5,000. This must be invested within 30 days of account opening. If you don't pay the minimum deposit within this period, we will transfer your funds to a Sainsburys Bank Reserve Cash ISA.
Is there a maximum limit?
Your annual ISA allowance is currently £20,000, which is the maximum amount you can subscribe in the current tax year. However you can also transfer-in all your existing ISA balances that you hold with other providers. The maximum balance that can be held in a Cash ISA is £2,000,000.
The maximum total amount you can have in all your accounts (whether in your name or held jointly) is £2,000,000.
How long do I have to make deposits into my Fixed Rate Cash ISA?
You have 30 days from account opening to fund your account with at least the minimum balance of £5,000. We must receive your full deposit within 30 days of opening your account.
After 30 days you can no longer make any new deposits.
What happens if my account is underfunded after 30 days?
If you don't fund your account with the minimum amount of £5,000 required, we will transfer your Fixed Rate Cash ISA into a Sainsburys Bank Reserve Cash ISA.
How do I make a payment into my account?
You can pay by:
Transferring from an existing Cash ISA with another provider or Sainsbury's Bank Cash ISA using our Transfer in Form [PDF 127 KB]
You'll find more information about this in 'How to pay in'.
How do I transfer in my existing Cash ISA(s)?
Savers can transfer current and/or previous year ISA subscription(s) in whole, or in part, from another provider. However, the terms and conditions for ISAs can vary between ISA managers, so it's a good idea to check with your provider before requesting the transfer.
To transfer in funds please complete our transfer in form (PDF 127 KB), send it to the address detailed and we will take care of the rest. We aim to complete the transfer process within 7 working days of receiving your completed transfer application form.
Your existing provider will pay interest until the day they close the account and send the money to us. We’ll pay interest at the new rate from the day they close your account, even if we haven’t received your money. If the transfer process takes longer than 7 working days, we’ll pay you interest at the new rate from the 8th working day (even if your old provider has not closed your old account), as long as your ISA was ready to be transferred (i.e. was not subject to a notice period or was a fixed rate that had yet to mature) when your existing provider received our request.
Please remember you only have 30 days to fund your Sainsburys Bank Fixed Rate Cash ISA.
What happens if I switch my current account which is also my nominated account?
If we’re notified by another bank that you’re using the Current Account Switch Service, we’ll write to you and ask you to call us to confirm that these instructions are correct. Once you’ve done that we’ll update your nominated account details on our online banking service.
How is interest paid?
We calculate interest daily and pay it annually on the anniversary of the date you opened your account. Interest can either be paid directly into your Fixed Rate Cash ISA, assuming it won't put you over the maximum balance limit, or into a nominated account. Any interest paid into your ISA will not count towards your annual ISA subscription limit.
The application asks for my National Insurance number – where can I find this?
You can find your National Insurance number (if you have been issued with one):
- On your P60 end of year tax statement
- On your payslip
- On your pension statement
- On your National Insurance Card
Lost or can't remember your National Insurance number? Visit HM Revenue and Customs to request a reminder
What does tax free mean?
Tax free means you don’t pay any tax on the interest you earn. The tax treatment is subject to HMRC rules which may change.
Can I open a joint Fixed Rate Cash ISA?
No, this is an Individual Savings Account (ISA).
Can Fixed Rate Cash ISA be used for a business, club or association or a charity?
No, it’s only available for personal use.
Can I set up Direct Debits?
No, you can’t set up Direct Debits on this account.
How do I change my personal details?
If you’re registered for online banking you can change your personal details online. Just select what you want to change from the 'My details' tab. For security reasons, you can't change your mobile number online - it's important that you keep your mobile number up to date as you will need it to service your account. If you need to change your mobile number or if you're not registered for online banking, just call us. You'll find our opening hours on the website.
How do I withdraw money?
This product is designed to hold your money for the full term and only release the funds at the maturity date. If you need access to your money before the maturity date you'll be able to withdraw the whole balance. However, you will incur an early closure charge, which is based on a number of days of interest. If you have not earned enough interest to cover the early closure charge it will be taken from the balance of your account. This means the closing balance could be less than the amount you paid into the account. The account will be closed once the withdrawal has been made. It will not be possible to withdraw only part of your balance. If you need your money before the maturity date, please give us a call.
What happens if I decide to close my Fixed Rate Cash ISA?
If you close your Fixed Rate Cash ISA within the 14 day cancellation rights period any amount you’ve paid in doesn’t count towards your ISA allowance for that tax year.
If you close your Fixed Rate Cash ISA after the 14 day period you'll be subject to an early closure charge. Any amount you paid in will count towards your allowance for that year and an early closure charge will be applied. If you have not earned enough interest to cover the early closure charge then the charge will be taken from the balance in the account. This means that the final balance you withdraw could be less than the amount you paid into the account.
What happens when my Fixed Rate Cash ISA is due to mature?
We will write to you 14 days before your account matures to advise you of the options available to you.
Can my Spouse / Partner inherit my Fixed Rate Cash ISA in the event of my death?
Yes, your surviving Spouse / Civil Partner can inherit your existing ISA allowance. However, please note that we do not allow our Fixed Rate Cash ISA to be funded with Additional Permitted Subscriptions. If you require advice on this please call us and one of our colleagues will be happy to help you.
Can I manage an account on someone else's behalf?
Yes, you will need to apply for Power of Attorney authorisation. More on Power of Attorney.
Can I request a copy of my statement?
You can access copies of your statements via Online Banking. If you need us to print a new statement for you, there may be a charge for this.
When will I receive a statement?
We'll send you a statement every year, shortly after the anniversary of your account opening.
How will I receive my statement?
Your statement will be available online. We'll send you an email or text to let you know when your statement is available, then you can log in to Online Banking to see it.
If you haven’t yet registered for Online Banking, you can do this on our website by clicking on ‘Log in / Register’.
Where we are unable to provide online statements, or if you have updated your correspondence preferences to request paper statements, we will send you a statement by post.
Can I change the way I receive my statement?
Yes, you can change your statement delivery preferences in Online Banking once you've logged in. Alternatively, you can call us and we can do this for you.
I need a statement in a special format, will you provide this?
If you need a statement in a special format, for example, large print or Braille, we'll be able to provide this for you.